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Wednesday, March 04, 2009 

Stock Picks and Trade Ideas for Thursday - Caterpillar and General Electric

Chart courtesy of www.stockcharts.com ( click to enlarge )

CAT - Caterpillar shares surged more than 12 percent in Friday trading, accompanied by a strong volume expansion. The short-term downtrend has been broken in this chart. The price can move up to 27.50-27.92 in the short-term. The price will have difficulty crossing 29.60. Technically, the chart of the long term trend is still weak as the stock is still below 200 day moving average with the moving average keeps falling. However the stock may be in a rally for the short term as K line has crossed on top over D line. The stock needs to close above $29.60 in order to alleviate the negative near term view. If the stock fails to move above this level, it can decline to $22.50 again. Hold with a stop at 22.50.

Chart courtesy of www.stockcharts.com ( click to enlarge )

GE - It becoming a stressful situation to trade shares of General Electric at this moment. The stock has been under a strong manipulation shaking every time any news comes out. I start getting frustrated with all commentaries that many speculators have used for gaining popularity and making money with the fluctuation of the share price. The stock has been trying to bottom for a couple of days now. Looking at the technical chart, we can see that the trend is clearly downwards. The MACD is also painting a negative picture with the indicator below its signal line. The stock broke down its major support on Monday on increased volume. Not a pretty picture. For people who is out, the buy point will be on the day it blows through $8.43 on heavy volume.

Disclaimer : Trading stocks involves risk, this information should not be viewed as trading recommendations.The charts provided here are not meant for investment purposes and only serve as technical examples.

That's all Folks. See you tomorrow !!

AC

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  • I'm a 43 year old Independent Trader using proprietary technical analysis with more than 18 years experience of investing in the US stock markets. I started this blog in 2006 simply as a way to share my thoughts about capital, risk management, and trading. My blog contains only my personal opinion and is provided for informational purposes only.

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